Chris Ferreri is a managing director at ICAP North America, where he oversees ICAP ETC, the company’s hybrid brokered OTC solution. He was the first chairman of the Wholesale Markets Brokers’ Association Americas Inc. (WMBA Americas), and served again as chairman in 2012. Ferreri spoke with John Lothian News Editor-at-Large Doug Ashburn at 2012 SEFCON III about the history of the interdealer broker (IDB) market, swap execution facilities (SEFs), and current issues surrounding SEF regulation related to the Dodd-Frank Act. Ferreri expresses concern that as OTC derivatives are subject to mandatory clearing, financial risk could become concentrated at the clearing level. Ferreri also discusses the need for voice broking services alongside electronic order books.